Bitcoin Cash (BCH) Price Shoots Another 30% to $300, Who’s Behind the Pump?
The magnanimous rally in Bitcoin Cash continues with the BCH price shooting another 30% in the last 24 hours and moving closer to $300. As of press time, BCH is trading 31.38% up at a price of $298.
With a market cap of $5.71 billion, Bitcoin Cash (BCH) is now the 14th largest cryptocurrency. Over the last 10 days since June 20, the BCH price has gained by a staggering 200%.
As per data on Coinglass, the open interest for BCH contracts surged to $562 million, reaching its highest level since May 12, 2021. Trading volume for BCH contracts has seen a remarkable increase of over 10 times since June 22, with a 24-hour trading volume reaching as high as 4.427 billion. Moreover, BCH has witnessed an impressive price rise of nearly 100% in the past week.
The major reason behind the Bitcoin Cash (BCH) price rally has been the launch of the EDX Markets crypto exchange on June 20. EDX Markets is backed by some of the biggest institutional players in the market such as Fidelity and Citadel.
Thus, with them listing BCH, along with three other cryptocurrencies, analysts are confident that BCH would rather stay as a commodity and not a security. With the SEC cracking down on the digital assets industry, there’s been a growing fear of altcoins attaining the status of securities.
Who’s Leading the Bitcoin Cash Price Pump?
Popular crypto analyst Colin Wu writes: “South Korea may be the reason for the BCH PUMP. In the past 24h, the largest exchange in South Korea, Upbit, has recorded a trading volume of over $350 million for the BCH/KRW, contributing to 23.58% of the total trading volume for BCH. It is also 3x the trading volume of the BTC/KRW on Upbit”.
South Korea has been one of the biggest markets for cryptocurrencies and continues to do so even today. Investors in South Korea have been particularly bullish about Bitcoin’s first hardfork version Bitcoin Cash (BCH).
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